Orlen increased wholesale fuel prices Saturday, coinciding with the implementation of new government regulations aimed at lowering costs at the pump.
Fuel Price Shock: Increases Despite Promises
Orlen raised the wholesale price of Ekodiesel by 171 złoty per cubic meter and Eurosuper 95 gasoline by 103 złoty per cubic meter on Saturday, according to company data.
As of Saturday’s wholesale price list, Ekodiesel costs 7,041 złoty per cubic meter, up 171 złoty from the previous day’s 6,870 złoty. Eurosuper 95 is priced at 5,714 złoty per cubic meter, an increase of 103 złoty from 5,611 złoty.
US-Iran Tensions and Fuel Costs
Four weeks have passed since the US and Israel attacked Iran, triggering a surge in global oil and fuel prices due to concerns over the blockage of the Strait of Hormuz and attacks on energy infrastructure.
Crude Oil Futures Increase
On Friday, WTI crude oil futures for April rose 5.78% to $99.94 per barrel, while Brent futures for May gained 4.97% to $113.38 per barrel.
Price Comparison: February vs. Current
According to Orlen’s wholesale price list on February 28th, the day the conflict in the Middle East began, Eurosuper 95 cost 4,466 złoty (1,248 złoty less than current prices), and Ekodiesel was priced at 4,809 złoty per cubic meter (2,232 złoty less than current prices).
Orlen on Factors Influencing Fuel Prices
Orlen stated that wholesale prices are correlated with European fuel product quotes, contractual conditions, and logistical costs, while retail prices depend on sales policies, wholesale costs, and local competition.
Import Dependence and Price Formation
Orlen emphasized that over 30% of fuel in Poland is imported, necessitating purchases at world market prices. Therefore, domestic fuel prices are influenced by both local producers and foreign importers.
New Regulations and Potential Price Drops
President Karol Nawrocki signed legislation to lower fuel prices Friday. The laws, part of the government’s “Lower Fuel Prices” package, introduce maximum prices at stations and reduce excise duties on diesel and gasoline, with temporary validity.
Prime Minister Donald Tusk anticipates a price reduction of 1.2 złoty per liter of fuel as a result of the new measures.
Orlen’s Response to the New Regulations
Orlen commented that the “Lower Fuel Prices” package will allow them to offer customers the “lowest possible prices during the largest global fuel crisis in history.”
The company believes the package ensures price transparency for consumers while maintaining the security of the fuel supply and supports the proper functioning of the wholesale market.
Analyst Forecasts for the Coming Week
According to Reflex analysis, if the government package takes effect, the average price of 95-octane gasoline could fall to 5.98 złoty per liter (a decrease of 1.18 złoty), and diesel to 7.45 złoty per liter (a decrease of 1.30 złoty) between March 30th and April 3rd.
Reflex predicts that lower fuel prices at stations may not be seen before March 31st.